Over the last decade, the number of drug candidates entering development has doubled, yet the number of successful drug approvals remains flat at ~50 per year.

This week, we sit down with Formation Bio founder and CEO Ben Liu. His company has raised more than $600 million to build what he hopes will become the first new enduring pharmaceutical company in decades, powered by AI. Ben explains why he believes clinical development, not drug discovery, is becoming the industry's biggest bottleneck, and how AI could fundamentally change the economics of bringing new medicines to patients.

This milestone 200th!!! episode of The Heart of Healthcare Podcast features none other than Dr. Tom X. Lee, the serial physician-founder behind Epocrates (acquired for $293M), One Medical (acquired by Amazon for $3.9B), and now Galileo, a tech-enabled medical group aiming to rewire care delivery from the ground up.